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| Facing Adulthood With an Economic Disaster’s Lasting Scars | Facing Adulthood With an Economic Disaster’s Lasting Scars |
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| Matthew Henderson couldn’t be entering the job market at a worse time. As a senior at Loyola University, he spent the spring semester interning as a trade policy analyst at the British Consulate in Chicago. But his chances of turning that opportunity into a permanent job after graduation ran headlong into the coronavirus pandemic. | Matthew Henderson couldn’t be entering the job market at a worse time. As a senior at Loyola University, he spent the spring semester interning as a trade policy analyst at the British Consulate in Chicago. But his chances of turning that opportunity into a permanent job after graduation ran headlong into the coronavirus pandemic. |
| Now Mr. Henderson is at home with his family in South Bend, Ind., unemployed and considering jobs at Costco and Target to help pay off $24,000 in student loans. “I’m in this bubble of anxiety,” said Mr. Henderson, who just turned 21. “I have to pay these, but I have no money to pay them.” | Now Mr. Henderson is at home with his family in South Bend, Ind., unemployed and considering jobs at Costco and Target to help pay off $24,000 in student loans. “I’m in this bubble of anxiety,” said Mr. Henderson, who just turned 21. “I have to pay these, but I have no money to pay them.” |
| Saddled with debt, and entering a job market devastated by the pandemic, he and millions of his contemporaries face an exceptionally dicey future. | Saddled with debt, and entering a job market devastated by the pandemic, he and millions of his contemporaries face an exceptionally dicey future. |
| Young adults, especially those without a college degree, are particularly vulnerable in recessions. They are new to the job market — with scant on-the-job experience and little or no seniority to protect them from layoffs. A large body of research — along with the experience of those who came of age in the last recession — shows that young people trying to start their careers during an economic crisis are at a lasting disadvantage. Their wages, opportunities and confidence in the workplace may never fully recover. | Young adults, especially those without a college degree, are particularly vulnerable in recessions. They are new to the job market — with scant on-the-job experience and little or no seniority to protect them from layoffs. A large body of research — along with the experience of those who came of age in the last recession — shows that young people trying to start their careers during an economic crisis are at a lasting disadvantage. Their wages, opportunities and confidence in the workplace may never fully recover. |
| And in the worst downturn in generations — one with no bottom in sight — the pattern is beginning to play out with a vengeance. From March to April, employment dropped by a quarter for workers 20 to 24 years old, and 16 percent for those 20 to 29. That compares with about 12 percent of workers in their 50s. | And in the worst downturn in generations — one with no bottom in sight — the pattern is beginning to play out with a vengeance. From March to April, employment dropped by a quarter for workers 20 to 24 years old, and 16 percent for those 20 to 29. That compares with about 12 percent of workers in their 50s. |
| In an article for Lawfare, a blog about law and national security, the historian David Kennedy and the retired general Karl Eikenberry likened the current crisis to wartime, when elders send the young to fight and die. “It is the young — indebted students and struggling mortgagors, parents supporting families paycheck to paycheck, precarious recent graduates and anxious first-time job seekers — whose lives will be most deeply scarred,” they wrote. | In an article for Lawfare, a blog about law and national security, the historian David Kennedy and the retired general Karl Eikenberry likened the current crisis to wartime, when elders send the young to fight and die. “It is the young — indebted students and struggling mortgagors, parents supporting families paycheck to paycheck, precarious recent graduates and anxious first-time job seekers — whose lives will be most deeply scarred,” they wrote. |
| For some younger workers, this is the second blow in barely a decade. An analysis by the McKinsey Global Institute noted that “the generation that first entered the job market in the aftermath of the Great Recession is now going through its second ‘once-in-a-lifetime’ downturn.” | For some younger workers, this is the second blow in barely a decade. An analysis by the McKinsey Global Institute noted that “the generation that first entered the job market in the aftermath of the Great Recession is now going through its second ‘once-in-a-lifetime’ downturn.” |
| Molly Zerjal, a 32-year-old in St. Louis, lost a communications job at Wells Fargo during the last downturn. Now, Ms. Zerjal works in marketing at a different financial firm, and she’s afraid it could happen again. | Molly Zerjal, a 32-year-old in St. Louis, lost a communications job at Wells Fargo during the last downturn. Now, Ms. Zerjal works in marketing at a different financial firm, and she’s afraid it could happen again. |
| “I’m not an essential worker: marketing and communications is a ‘nice to have,’” she said. “Every day, I’m like, ‘Oh, God, what could happen today?’ It’s like P.T.S.D.” | “I’m not an essential worker: marketing and communications is a ‘nice to have,’” she said. “Every day, I’m like, ‘Oh, God, what could happen today?’ It’s like P.T.S.D.” |
| The question is what kind of scars this will leave in the hearts, minds and pockets of younger people. | The question is what kind of scars this will leave in the hearts, minds and pockets of younger people. |
| Jordan Haggard, 33, graduated from Oklahoma State University in 2009 in the depths of the recession. The job market was dire: When she applied for a job at McDonald’s, she never heard back. | Jordan Haggard, 33, graduated from Oklahoma State University in 2009 in the depths of the recession. The job market was dire: When she applied for a job at McDonald’s, she never heard back. |
| Ten years later, Ms. Haggard works as an office manager for a small publishing company in Seattle. She has kept her job during the pandemic, even as some colleagues have been furloughed. But she still feels the effects of 2009. | Ten years later, Ms. Haggard works as an office manager for a small publishing company in Seattle. She has kept her job during the pandemic, even as some colleagues have been furloughed. But she still feels the effects of 2009. |
| “I know I will never be able to afford a home in Seattle or even live by myself without a roommate or two,” Ms. Haggard said. “Life is different from the one I was told about or imagined.” | “I know I will never be able to afford a home in Seattle or even live by myself without a roommate or two,” Ms. Haggard said. “Life is different from the one I was told about or imagined.” |
| Indeed, Jesse Rothstein of the University of California, Berkeley, followed college graduates who entered the labor market after the 2008 financial crisis. By 2018, those who had landed jobs in 2010 and 2011 had a lower employment rate than people at the same age who graduated before the recession hit, and those working earned less. | Indeed, Jesse Rothstein of the University of California, Berkeley, followed college graduates who entered the labor market after the 2008 financial crisis. By 2018, those who had landed jobs in 2010 and 2011 had a lower employment rate than people at the same age who graduated before the recession hit, and those working earned less. |
| The effects are likely to persist. Lisa B. Kahn, an economics professor at the University of Rochester, tracked young white men who graduated from college from 1979 to 1988, a period that included the double-dip recession of the early 1980s. Over the next two decades, she found, they got stuck in low-quality, low-pay jobs. Even after the economy recovered, they had a hard time moving into better jobs. | The effects are likely to persist. Lisa B. Kahn, an economics professor at the University of Rochester, tracked young white men who graduated from college from 1979 to 1988, a period that included the double-dip recession of the early 1980s. Over the next two decades, she found, they got stuck in low-quality, low-pay jobs. Even after the economy recovered, they had a hard time moving into better jobs. |
| The causes seem varied. Recession graduates, with limited opportunities, will start in jobs that are a worse fit. Once the economy recovers, they will compete for jobs with people who have more experience. In addition, Ms. Kahn noted, recession graduates seem more risk averse. “People that graduate into a recession don’t change jobs as often as people that graduate into booms,” she noted. And these job changes are one of the best ways to get a raise. | The causes seem varied. Recession graduates, with limited opportunities, will start in jobs that are a worse fit. Once the economy recovers, they will compete for jobs with people who have more experience. In addition, Ms. Kahn noted, recession graduates seem more risk averse. “People that graduate into a recession don’t change jobs as often as people that graduate into booms,” she noted. And these job changes are one of the best ways to get a raise. |
| The difficult start shadowed many through their careers. Till von Wachter of the University of California, Los Angeles, and Hannes Schwandt of Northwestern University followed Americans who entered the labor market in 1981 and 1982, during the largest postwar recession up to that time. | The difficult start shadowed many through their careers. Till von Wachter of the University of California, Los Angeles, and Hannes Schwandt of Northwestern University followed Americans who entered the labor market in 1981 and 1982, during the largest postwar recession up to that time. |
| They not only earned less in midlife. They were also less likely to be married or to have children, and more likely to die young, recording higher mortality rates starting in their 30s — driven by heart disease, lung cancer, liver failure and drug overdoses — what two Princeton scholars, Anne Case and Angus Deaton, have called “deaths of despair.” | They not only earned less in midlife. They were also less likely to be married or to have children, and more likely to die young, recording higher mortality rates starting in their 30s — driven by heart disease, lung cancer, liver failure and drug overdoses — what two Princeton scholars, Anne Case and Angus Deaton, have called “deaths of despair.” |
| And, of course, young workers without a college degree are likely to fare even worse. “Recessions, in general, widen inequality,” Ms. Kahn said. “The more disadvantaged groups — minorities, the young, those with less education — are the hardest hit.” | And, of course, young workers without a college degree are likely to fare even worse. “Recessions, in general, widen inequality,” Ms. Kahn said. “The more disadvantaged groups — minorities, the young, those with less education — are the hardest hit.” |
| In the coronavirus pandemic, the lopsided impact of business shutdowns on the young risks opening a generation gap with their elders who are more likely to die of the disease. | In the coronavirus pandemic, the lopsided impact of business shutdowns on the young risks opening a generation gap with their elders who are more likely to die of the disease. |
| The diverging interests could affect policy as soon as this summer. In a research paper published last month, Dirk Krueger of the University of Pennsylvania and three colleagues estimated that people past retirement age would choose to close a much larger share of nonessential businesses and keep them closed, while younger workers in those shuttered businesses have the most to lose. “The conflict between the old and the young is severe,” Mr. Krueger noted. | The diverging interests could affect policy as soon as this summer. In a research paper published last month, Dirk Krueger of the University of Pennsylvania and three colleagues estimated that people past retirement age would choose to close a much larger share of nonessential businesses and keep them closed, while younger workers in those shuttered businesses have the most to lose. “The conflict between the old and the young is severe,” Mr. Krueger noted. |
| The asymmetric aftershocks of this pandemic are likely to ripple across society far into the future. | The asymmetric aftershocks of this pandemic are likely to ripple across society far into the future. |
| Jordan Meier, who just graduated from the University of Missouri, has been hunting for a job as a reporter since February. Despite a strong résumé, she’s been able to find only a summer internship offering $250 a month, barely enough for her car payments, and no full-time prospects beyond that. | Jordan Meier, who just graduated from the University of Missouri, has been hunting for a job as a reporter since February. Despite a strong résumé, she’s been able to find only a summer internship offering $250 a month, barely enough for her car payments, and no full-time prospects beyond that. |
| “You work for years, you go through school, and you get to this point where you’re preparing to get a job,” she said. “And now I can’t do that. It’s very frustrating.” | “You work for years, you go through school, and you get to this point where you’re preparing to get a job,” she said. “And now I can’t do that. It’s very frustrating.” |
| “It’s not something I feel like any of my professors, my parents or really anybody has any knowledge about,” she added. “They never had to deal with it.” | “It’s not something I feel like any of my professors, my parents or really anybody has any knowledge about,” she added. “They never had to deal with it.” |
| Ms. Meier’s parents finished college in 1988, married and settled into fairly stable careers and a comfortable middle-class life. Her father attended graduate school and then got a job as a software analyst for Overland Park, Kan. Her mother got a series of accounting jobs. She was laid off in the last recession, but found another position soon after. | Ms. Meier’s parents finished college in 1988, married and settled into fairly stable careers and a comfortable middle-class life. Her father attended graduate school and then got a job as a software analyst for Overland Park, Kan. Her mother got a series of accounting jobs. She was laid off in the last recession, but found another position soon after. |
| “There’s a big difference between finding a third or fourth full-time job and finding your first job,” Ms. Meier said. | “There’s a big difference between finding a third or fourth full-time job and finding your first job,” Ms. Meier said. |
| Updated June 5, 2020 | |
| The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April. | |
| Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission. | Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission. |
| Exercise researchers and physicians have some blunt advice for those of us aiming to return to regular exercise now: Start slowly and then rev up your workouts, also slowly. American adults tended to be about 12 percent less active after the stay-at-home mandates began in March than they were in January. But there are steps you can take to ease your way back into regular exercise safely. First, “start at no more than 50 percent of the exercise you were doing before Covid,” says Dr. Monica Rho, the chief of musculoskeletal medicine at the Shirley Ryan AbilityLab in Chicago. Thread in some preparatory squats, too, she advises. “When you haven’t been exercising, you lose muscle mass.” Expect some muscle twinges after these preliminary, post-lockdown sessions, especially a day or two later. But sudden or increasing pain during exercise is a clarion call to stop and return home. | Exercise researchers and physicians have some blunt advice for those of us aiming to return to regular exercise now: Start slowly and then rev up your workouts, also slowly. American adults tended to be about 12 percent less active after the stay-at-home mandates began in March than they were in January. But there are steps you can take to ease your way back into regular exercise safely. First, “start at no more than 50 percent of the exercise you were doing before Covid,” says Dr. Monica Rho, the chief of musculoskeletal medicine at the Shirley Ryan AbilityLab in Chicago. Thread in some preparatory squats, too, she advises. “When you haven’t been exercising, you lose muscle mass.” Expect some muscle twinges after these preliminary, post-lockdown sessions, especially a day or two later. But sudden or increasing pain during exercise is a clarion call to stop and return home. |
| States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people. | States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people. |
| Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. | Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. |
| Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. | Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. |
| If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) | If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) |
| Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications. | Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications. |
| The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing. | The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing. |
| If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. | If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. |
| If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested. | If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested. |
| It would be unsurprising if this economic upheaval changed the young’s perception of the world, justice and the role of government. | It would be unsurprising if this economic upheaval changed the young’s perception of the world, justice and the role of government. |
| Ms. Haggard, the office manager who graduated in 2009, was a Republican in college. She voted for John McCain in the 2008 presidential election. But the recession changed her worldview. Now, she’s far more liberal, and she voted for Bernie Sanders in this year’s Democratic primary in Washington. | Ms. Haggard, the office manager who graduated in 2009, was a Republican in college. She voted for John McCain in the 2008 presidential election. But the recession changed her worldview. Now, she’s far more liberal, and she voted for Bernie Sanders in this year’s Democratic primary in Washington. |
| “A big Republican thing is, ‘Pick yourself up by the bootstraps,’” she said. “Well, we don’t live in a world where that’s possible, at least in America.” | “A big Republican thing is, ‘Pick yourself up by the bootstraps,’” she said. “Well, we don’t live in a world where that’s possible, at least in America.” |
| Paola Giuliano, a U.C.L.A. economist, and Antonio Spilimbergo of the International Monetary Fund studied how economic setbacks affect personal ideology. | Paola Giuliano, a U.C.L.A. economist, and Antonio Spilimbergo of the International Monetary Fund studied how economic setbacks affect personal ideology. |
| Looking at data from the General Social Survey from 1972 through 2010, they concluded that people who experience a recession in what social psychologists call the “impressionable years,” roughly 18 to 25, were more likely to believe that success in life depends less on effort than on luck, support redistributive politics to help the less fortunate and mitigate inequality, and vote more often for left-wing parties. | Looking at data from the General Social Survey from 1972 through 2010, they concluded that people who experience a recession in what social psychologists call the “impressionable years,” roughly 18 to 25, were more likely to believe that success in life depends less on effort than on luck, support redistributive politics to help the less fortunate and mitigate inequality, and vote more often for left-wing parties. |
| Among those directly hit — young workers who have lost their jobs — the ideological shift could be even stronger. “This, in principle, should create a divide between generations,” Ms. Giuliano said. | Among those directly hit — young workers who have lost their jobs — the ideological shift could be even stronger. “This, in principle, should create a divide between generations,” Ms. Giuliano said. |
| Alicia Munnell and Wenliang Hou of the Center for Retirement Research at Boston College have documented how millennials, born from 1981 to 1999, hit particularly hard by the recession of 2009, are less financially secure than young adults from preceding generations. They have more student debt and less money in their retirement plans. Their net worth is lower than that of boomers or Gen Xers. Fewer own homes. Fewer are married. | Alicia Munnell and Wenliang Hou of the Center for Retirement Research at Boston College have documented how millennials, born from 1981 to 1999, hit particularly hard by the recession of 2009, are less financially secure than young adults from preceding generations. They have more student debt and less money in their retirement plans. Their net worth is lower than that of boomers or Gen Xers. Fewer own homes. Fewer are married. |
| This is the generation that gave rise to Occupy Wall Street and propelled two presidential campaigns by Bernie Sanders. It is the generation voting for candidates like Representative Alexandria Ocasio-Cortez of New York, pushing the Democratic Party to the left. | This is the generation that gave rise to Occupy Wall Street and propelled two presidential campaigns by Bernie Sanders. It is the generation voting for candidates like Representative Alexandria Ocasio-Cortez of New York, pushing the Democratic Party to the left. |
| And as it moves to the left, elders are moving in the opposite direction. In one recent study, Vivekinan Ashok and Ebonya Washington of Yale, with Ilyana Kuziemko of Princeton, found that even as income inequality has intensified, Americans 65 and older have become more resistant to redistribution. The old, they suggest, worry that new programs to help the poor will come at the expense of cuts to Medicare. | And as it moves to the left, elders are moving in the opposite direction. In one recent study, Vivekinan Ashok and Ebonya Washington of Yale, with Ilyana Kuziemko of Princeton, found that even as income inequality has intensified, Americans 65 and older have become more resistant to redistribution. The old, they suggest, worry that new programs to help the poor will come at the expense of cuts to Medicare. |
| “The disproportionate gains to the American elderly in terms of social spending over the past several decades may make them wary of further extending redistributive programs,” they wrote. | “The disproportionate gains to the American elderly in terms of social spending over the past several decades may make them wary of further extending redistributive programs,” they wrote. |
| There remains a crucial bond between generations: family. The young care for their parents, and don’t want them to die of Covid-19. The old care about the financial well-being of their children and grandchildren, as well as about the balance in their 401(k). They don’t want the economy to go into free fall. | There remains a crucial bond between generations: family. The young care for their parents, and don’t want them to die of Covid-19. The old care about the financial well-being of their children and grandchildren, as well as about the balance in their 401(k). They don’t want the economy to go into free fall. |
| For much of her adult life, Brenda Michael-Haggard, the 59-year-old mother of Jordan Haggard, has felt that people who lose jobs or face other forms of adversity should persevere and simply “find another way to make stuff happen.” | For much of her adult life, Brenda Michael-Haggard, the 59-year-old mother of Jordan Haggard, has felt that people who lose jobs or face other forms of adversity should persevere and simply “find another way to make stuff happen.” |
| Now she has seen her daughter’s generation experience two economic crises in a little over a decade and tens of millions of people lose their jobs practically overnight. It has changed how she looks at the world. | Now she has seen her daughter’s generation experience two economic crises in a little over a decade and tens of millions of people lose their jobs practically overnight. It has changed how she looks at the world. |
| “As the mom, golly, it’s too bad,” she said. “It’s something that I wish any one of us could prevent. With all of the Covid, you can’t just pick yourself up and find something different.” | “As the mom, golly, it’s too bad,” she said. “It’s something that I wish any one of us could prevent. With all of the Covid, you can’t just pick yourself up and find something different.” |